June 30, 2019 / 8:14 AM / 4 months ago

MIDEAST-STOCKS-Financials lift Dubai, most Gulf markets rise

DUBAI, June 30 (Reuters) - Dubai stocks rose on Sunday, lifted by financials and real estate, while other Gulf markets also gained after falling in recent sessions amid concerns about rising geopolitical risk in the region.

Dubai’s stock index was up 1.3% in early trade with the largest lender in the emirate, Emirates NBD, rising 5.5% after getting banking regulatory approval to acquire the shares of Turkey’s Denizbank from Russia’s Sberbank.

Emirates NBD said in April that it would buy Denizbank from Sberbank for 15.48 billion lira ($2.68 billion), a roughly 20 percent discount to a previously agreed price.

Construction firm Arabtec and property developer Deyaar were up 3.3% and 3.2% respectively.

Saudi Arabia’s index was up 0.9%, lifted by financials and communications services. Riyadh Bank, Al Rajhi Bank and Samba Financial Group were up 1.7%, 1.3% and 1.3% respectively.

Telecom operator Zain Saudi Arabia rose 1.7% while Saudi Telecom rose 1.2%.

The Abu Dhabi index was mostly flat, dragged down by energy and construction stocks, such as Abu Dhabi National Energy Company which fell 5.1%.

Qatar’s index traded 0.3% higher, supported by financials and real estate. Qatar National Bank (QNB), the Gulf’s largest lender, rose 0.9%, and Barwa Real Estate was up 0.5%.

Kuwait’s index was also up 0.4%, days after MSCI said it would upgrade Kuwaiti equities to its main emerging markets index in 2020.

Kuwait has outperformed its peers in the Gulf in anticipation of the MSCI move, gaining 21.3% this year.

Egypt’s blue-chip index rose 0.7%, lifted by Misr Gedida Housing which was up 5.7%, and Orascom Investment Holding which was up 4.0%.

Reporting by Tuqa Khalid

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